Maxi-loan: Lufthansa gives in and accepts Brussels' conditions
It gives up to the airport slots to have the aid by the Berlin's Government
At its meeting last May 30, the Lufthansa Executive Board decided to accept the commitments offered by Germany to the EU Commission for the stabilization package negotiated with the Economic Stabilization Fund (WSF) of the Federal Republic of Germany, to allow airline to overcome the crisis due to the block of aircraft and transport for Covid-19 emergency.
The same carrier declared that the scope of the conditions required in the EU Commission's view has been reduced in comparison with initial indications, that had convinced the board of Lufthansa to serious doubts on the possibility to accept the public support to survive to the pandemic (see AVIONEWS). In any case the carrier will therefore be obliged to transfer to one competitor each at the Frankfurt and Munich airports up to 24 take-off and landing rights (slots), ie three take-off and three landing rights per aircraft and day, for the stationing of up to four airplanes. For one and a half years, this option is only available to new competitors at the Frankfurt and Munich airports. If no new competitor makes use of this option, it will be extended to existing competitors at the respective airports.
The slots will be allocated in a bidding process and they can only be taken over by an European competitor that has not itself received any substantial State recapitalization as a result of the corona pandemic.
"The Supervisory Board must approve the stabilization package negotiated with the WSF, including the commitments to the EU Commission. Subsequent to the Supervisory Board’s decision, the company intends to convene an Extraordinary General Meeting in the near future to obtain shareholder approval for the WSF stabilization measures", Lufthansa writes it.
We remind that the aid package that Berlin is available to distribute to its flag carrier is composed in a plan of EUR 9 bn with a potential support by other capitals to arrive to a 25% of the airline value in the case of purchase operations by other States.
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